As expected, there was no change in the Bank of Canada press release. Bank prime remains at 3%.  

This means no changes in variable rate mortgages or line of credit rates.

Five year money ranging from 3.39%-3.59% and 10 year money is at 3.99% –4.19%. 

Below are the highlights of the Bank of Canada Announcement: 

• the global economy is expected to pick up in 2014 and 2015  
• “Inflation has been low in recent months and is expected to remain subdued in the near term”     
• “Monetary policy stimulus currently in place will remain appropriate
• “As the normalization of these conditions unfold, a gradual normalization of policy interest rates can also be expected” 

 Click Here to Read the Full Announcement 

The next Bank of Canada Announcement is scheduled for September 4th, 2013. 

Bank prime is 3.0%

-Cory Kline 705-794-1283